Dear Clients of SKJ & Company, P.S.
While sharing our concerns with the current circumstances, our firm would like to share some resources that may help our clients with current COVID-19 crisis.
Tax Due Dates Postponed
1. 2019 Federal Income Tax
April 15 deadline for income tax due payment has been postponed by 90 days. If you owe less than $1 Millions, you can pay the tax due without interest and penalty within 90 days beyond 4/15. HOWEVER, the tax return filing due date still remains 4/15.
2. Washington Excise Tax Reporting Extension
As mentioned in the earlier email, February tax return due date has been extended by 30 days. Our firm has already filed extensions for all of our clients. If you have already filed February sales but unable to make the tax payment by March 25, please contact your bank and place a stop payment on the scheduled ACH payment. Then, please inform our office by email at [email protected].
Resources Related to Business Working Capital
SBA Disaster Loan is available to business owners for Washington State has been declared as a disaster area. If you already have an SBA Loan, you may contact your lender about deferral of payments. (Website: https://www.sba.gov/funding-programs/disaster-assistance)
The state and local governments are considering deferral of utilities service fees, but no formal announcements have been made. Our firm will inform you once the announcement is made.
If your business is located in City of Seattle, you may apply for Business Stabilization Fund. The following conditions must be met:
a. Your median income is 80% or less.
b. If you hire 5 employees or less.
c. If you have physical establishments.
d. COVID-19 crisis has led you to substantial decrease in income.
You may submit the application through the link: CLOSED We do not have information about the other cities yet, but we will inform you if new policies are in effect.
Employee Layoffs and Reduced Hours
If your business must layoff employees due to decrease in sales, the employees may apply for unemployment benefit. The common situations may be following:
Employee must be segregated due to contact with COVID-19 virus.
If your business is closed for sterilization.
If employees are laid off due to substantial decrease in income.
For more details, please refer to Q&A on Employment Security Department’s website: https://esd.wa.gov/newsroom/covid-19#business-services
Our firm is actively monitoring the news and government policies that can be resources for our clients. We will inform you as we find more resources. Thank you.
SKJ & Company, P.S.